NEW YORK, Feb. 03, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of New York Community Bancorp, Inc. (“NYCB” or the “Company”) (NYSE: NYCB). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether NYCB and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 31, 2024, NYCB issued a press release announcing its financial results for the fourth quarter and full year 2023. Among other items, the Company disclosed a net loss of $252 million and diluted earnings per share of -$0.36 for the quarter, citing a reserve build to meet stricter capital requirements following its acquisitions of Flagstar Bank and Signature Bank.
On this news, NYCB’s stock price fell $3.91 per share, or 37.67%, to close at $6.47 per share on January 31, 2024.
Then, on February 1, 2024, RBC Capital Markets analyst Jon Arfstrom downgraded NYCB to Sector Perform from Outperform, while Jefferies analyst Casey Haire cut NYCB to Hold from Buy, both citing the impact of the reserve build.
Following the downgrades, NYCB’s stock price fell an additional $0.72 per share, or 11.13%, to close at $5.75 per share on February 1, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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